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#1883802 - 01/07/14 05:50 PM JP Morgan 1.7 billion settlement
ACBbank Offline
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ACBbank
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New York City
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#1883849 - 01/07/14 06:54 PM Re: JP Morgan 1.7 billion settlement ACBbank
ACBbank Offline
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ACBbank
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New York City
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#1883855 - 01/07/14 07:01 PM Re: JP Morgan 1.7 billion settlement ACBbank
Xian Ngyuen Offline
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Joined: Aug 2013
Posts: 221
This part is very interesting:

Originally Posted By: CMP
Between 2006 and 2008, the Bank created, sold and made a secondary market for
structured products that provided customers access to Madoff’s investment strategy through
several “feeder funds.” Prior to Bernard L. Madoff’s arrest, the Bank developed concerns about
Madoff and a distributor of Madoff-linked investments created by the Bank. These concerns
caused the Bank’s London branch to file a suspicious activity report with the United Kingdom’s
Serious Organised Crime Agency on October 29, 2008. Aware that Madoff was a client of the
Bank in the U.S., U.K.-based Bank employees conveyed these concerns to U.S.-based Bank
employees. Despite the fact that these concerns caused the Bank to file a suspicious activity
report in the U.K., the Bank did not file a SAR in the U.S. based on these concerns. The failure
to file a SAR on this activity and to do so timely is significant and a violation of 12 C.F.R.
§ 21.11(c) and (d)

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#1883871 - 01/07/14 07:23 PM Re: JP Morgan 1.7 billion settlement ACBbank
John Burnett Online
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John Burnett
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Posts: 39,593
Cape Cod
A billion here; two billion there. Sooner or later, it's going to feel like real money.

...or not.
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#1883878 - 01/07/14 07:27 PM Re: JP Morgan 1.7 billion settlement ACBbank
califgirl Offline
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califgirl
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The O.C., California
It might help alleviate increases in our OCC assessment.
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#1883904 - 01/07/14 07:50 PM Re: JP Morgan 1.7 billion settlement ACBbank
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
It has crushed their stock price. Last I checked it was down $0.64 smile
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#1883909 - 01/07/14 07:54 PM Re: JP Morgan 1.7 billion settlement ACBbank
ACBbank Offline
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ACBbank
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New York City
^ I'm of the opinion that these billion dollar AML/Sanctions penalties are BAU for large money center banks.
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"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

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#1883935 - 01/07/14 08:13 PM Re: JP Morgan 1.7 billion settlement ACBbank
HappyGilmore Offline
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Joined: Jun 2004
Posts: 19,449
Pulling people out of the ditc...
so if JPMC is paying this as his bank, I wonder what the SEC will be paying as his regulator?
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#1884462 - 01/09/14 08:28 AM Re: JP Morgan 1.7 billion settlement ACBbank
J2C Offline
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Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
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#1884667 - 01/09/14 06:27 PM Re: JP Morgan 1.7 billion settlement ACBbank
MagicCity Offline

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MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
I liked the last sentence wink

JPMorgan settles Madoff case for $2.6 billion
It will cost JPMorgan Chase nearly $2.6 billion total to settle allegations it turned a blind eye to Bernard Madoff's epic Ponzi scheme.
No individuals from the bank will be penalized, however, and putting behind one of its biggest scandals will cost the bank less than two weeks' revenue.

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